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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: stockman_scott who wrote (3345)	7/27/2002 11:18:05 AM
From: H James Morris	Respond to of 89467

KPMG on probation in O.C. bankruptcy A state board placed accounting firm KPMG on probation for one year for its role in Orange County's 1994 bankruptcy. The international firm also was ordered Thursday to pay $1.8 million in fines and costs for what the state Board of Accountancy called gross negligence and unprofessional conduct. The firm plans to appeal the ruling. Orange County's investment pool collapsed in December 1994, resulting in a loss of $1.7 billion and the nation's largest municipal bankruptcy. KPMG had noticed no problems in its 1992 and 1993 audits and was close to certifying the county's 1994 filing.